Enel keeps power flowing into hybrid market

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By Mike Turner
03 Mar 2021

Enel, the Italian power and gas company, proved that demand still exists in euros for chunky hybrid debt with a €2.2bn dual tranche deal on Wednesday that saw more than three times oversubscription at peak demand and offered no new issue concession.

Enel, rated Baa1/BBB+/A- but printing subordinated debt at Baa3/BBB-/BBB, is the second hybrid issuer in as many days in euros, following a €700m 60 year non-call September 2026 trade from Australia’s AusNet.

At the start of the week, European corporate debt bankers raised concerns that high beta securities ...

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